RIMS gets approval to develop risk management standards

Jul 15, 2011

The following article was published in Business Insurance on July 15, 2011:

RIMS gets approval to develop risk management standards

By Mike Tsikoudakis

The Risk & Insurance Management Society Inc. said it has received approval to begin developing risk management standards.

The Washington-based American National Standards Institute Inc.’s executive standards council on July 8 approved RIMS as an accredited standards development organization, which enables RIMS to shape and develop risk management standards, New York-based RIMS said Friday in a statement.

RIMS established its standards and practices committee in 2009 to ensure consistent, high levels of risk management practices for organizations worldwide, Lori Seidenberg, RIMS board member and vp of enterprise risk management at New York-based Centerline Capital Group, said in the statement.

“This approval, in conjunction with the efforts of our membership, will undoubtedly serve to foster a culture of risk management across sectors,” Ms. Seidenberg said.

RIMS will begin developing standards in risk management in 2012, according to the statement.